Pilkington and Visteon have signed a letter of intent to form a new glass company.
The two companies are negotiating the terms of a joint venture in which Pilkington would assume the majority ownership and management control of Visteon’s Glass business. Negotiations are in the early stages with definitive agreements and approvals likely to take several months before they are finalised.
Visteon’s Glass business, with annual revenues of $800 million, has four float furnaces based at plants in Tulsa, Okla., and Nashville Tenn., plus vehicle glass fabricating plants based in Tulsa, Nashville and Juarez, Mexico. Additionally, the business has a significant presence in the automotive glass replacement market under its strong ‘Carlite’ brand, and a commercial glass business that supplies architectural flat glass.
Under the terms of the agreement, the new company would be the major supplier of automotive glass to Ford Motor Company and Pilkington would provide technology to Ford and other Visteon customers. The new company also would assume Visteon’s equity position in Vitroflex, Mexico and Penstone, Michigan.